3M Co. (NYSE:MMM) beat expectations for its 4th-quarter profits and affirmed its guidance for 2012, but Wall Street remained unmoved, with shares staying flat in this morning’s trading.
Q4
MassDevice.com +3 | The top 3 med-tech stories for January 26, 2012.
Say hello to MassDevice +3, a bite-sized view of the top three med-tech stories of the day. This feature of MassDevice.com’s coverage highlights our 3 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
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Zimmer rises on strong Q4, 2011 numbers
Zimmer Holdings (NYSE:ZMH) got a boost today on Wall Street after posting strong 4th-quarter and full-year 2011 numbers.
The Warsaw, Ind.-based orthopedics firm reported profits of $156.6 million, or 87 cents per diluted share, on sales of $1.17 billion for the 3 months ended Dec. 31, 2011. That’s a net earnings increase of nearly 350% and a sales increase of 2.9%.
For the full year, Zimmer posted profits of $760.8 million, or $4.03 diluted EPS, on sales of $4.45 billion, up 27.5% and 5.5%, respectively.
Covidien posts a record-breaking quarter, ups guidance for 2012
Covidien plc (NYSE:COV) was in Wall Street’s good graces this morning after beating expectations and boosting its 2012 fiscal guidance.
The Mansfield, Mass.-based company touted record adjusted gross margins of 58.8% for the 3 months ended Dec. 24, 2011, 1.2 points higher than during the same period in 2010.
Covidien also upped its 2012 fiscal guidance, forecasting 3% to 5% sales growth. Its previous guidance was about a point lower.
Baxter meets The Street, shares rise
Baxter International (NYSE:BAX) shares are up about 3% this morning after the health care giant announced sales and earnings numbers that were in line with expectations on Wall Street.
Baxter reported profits of $463 million, or 82 cents per diluted share, on sales of $3.59 billion for the 3 months ended Dec. 31, 2011. That’s a top-line increase of 2.7% and a bottom-line boost of 9.5%, compared with profits of $423 million, or 72 cents diluted EPS, on sales of $3.50 billion during Q4 2010.
Varian slides after-hours on lower Q1 profits | Earnings Roundup
Shares of Varian Medical Systems (NYSE:VAR) sank in after-hours trading yesterday as Wall Street reacted to shrinking profits during the company’s 1st quarter for fiscal 2012.
The Palo Alto, Calif.-based oncology and X-ray products maker posted $625 million in sales during the three months ended Dec. 30, 2011, up 7.8% from $580 million sold in the same period in 2010.
MassDevice.com +3 | The top 3 med-tech stories for January 25, 2012.
Say hello to MassDevice +3, a bite-sized view of the top three med-tech stories of the day. This feature of MassDevice.com’s coverage highlights our 3 biggest and most influential stories from the day’s news to make sure you’re up to date on the headlines that continue to shape the medical device industry.
If you read nothing else today, make sure you’re still in the know with MassDevice +3.
Abbott to cut 700 jobs in the U.S., Puerto Rico
Abbott (NYSE:ABT) followed up the release of its 2011 financials by announcing job losses in the U.S. and Puerto Rico.
The Chicago-area medical giant plans to lay off about 300 people from its vascular business in Temecula, Calif., and another 200 in diagnostics at its headquarters in Lake County, Ill.
The majority of the remaining cuts will affect Abbott’s Puerto Rico operations, and the rest will be spread accross several other sites, company spokeswoman Adele Infante told MassDevice.
Stryker: Acquisitions helped boost top, bottom lines
Although it posted healthy sales and profit growth last year, Stryker Corp. (NYSE:SYK) was a penny shy of analysts’ forecasts for adjusted earnings per share, which usually sends investors into a selling spree.
But the Kalamazoo, Mich.-based device maker bucked the trend, as Wall Street sent SYK shares up 3.8%, to $54.94, in early-afternoon trading as of about 2 p.m. today.
Stryker posted $8.31 billion in sales for 2011, 13.5% more than the $7.32 billion it brought in during 2010.
J&J CEO Weldon: Medical sales slump has bottomed out | Wall Street Beat
The sales slump endured by the medical industry as the economic crisis hit may be over, according to Johnson & Johnson CEO William Weldon.
That means procedure volumes for elective surgeries could rebound, Weldon told Bloomberg after the company released its financial results for the 4th quarter and 2011.
St. Jude Medical beats The Street, gets a little love
St. Jude Medical (NYSE:STJ) got a little love from Wall Street after posting 2011 earnings results that beat analysts’ forecasts by 1 cent.
The St. Paul, Minn.-based medical device maker posted $5.61 billion in sales for 2011, an 8.7% bump over $5.17 billion in 2010.
Non-adjusted earnings slid to $864 million, or $2.64 earned per diluted share, representing a 4.7% decrease from the $907 million, or $2.75 per diluted share, earned in 2010.